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SEC Changes SRO Procedures for Filing Rule Changes

Washington, DC, October 6, 2004 - The SEC has adopted
new requirements that make the rule filing process for
self-regulatory organizations (SROs) more efficient and transparent
while also reducing the costs to SROs and the public.

Background
The SEC
proposed changes under the Securities Act of 1933 and the
Securities Exchange Act of 1934 in March 2004. The final
requirements, which are substantially similar to those proposed,
require each SRO to:

file proposed rule changes electronically with the Commission
through a web-based system;

post all proposed rule changes, and any amendments thereto, on
its public website within two business days, instead of within one
business day as proposed;

post and maintain a current and complete version of its rules
on its website; and

update its public website to reflect rule changes within two
business days, instead of within one business day as proposed,
after notification of the Commission’s approval of the rule
change.

Under the final requirements, National Market System Plans are
also required to post a current and complete version of their plan
on their website.

ICI Position
The Institute supports many of the new requirements and, in a
June comment letter, stated that the new requirements would
enhance public access to SRO rules and rule changes, thereby
promoting more meaningful discussions on the merits of SRO
proposals. The Institute's letter also states that, by improving
access to rules and amendments eventually adopted, the new
requirements will help investment companies and others implement
more quickly and effectively any new rules and amendments adopted
by SROs.